The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-07-24
CHICAGO BUCKET SHOPS.
NO MONEY In TAE BUBI.
NESS NOW,
Though There are sim
Few Suspicious Shops
Running.

law Is 30 dead against the busincss2
To be sure there are half dozen or
more guided and aourishing grain
and stock exchanges" doing business
in the same Offices where last month
trades we're "bucketed" ad libitum,
but the same old proprietors are not
there-at least not in name-aud the
new firms are all doing a strictly
Legitimate business" So they all
say, and they profess great willing
ness to let any responsible person
test their veracity by a personal ex-
animation OF their books. Com
plants came TO the Tribune
yesterday that Lee Hunt 4 Co.,
No. 1873 Adams street, were
carrying on bucket shop business,
Just as they used to do before the
new law passed. A reporter visited
them in the afternoon and heard
what will soon be an old, old story,
that the firm had connections with
the Board OF Trade and the Open
Board, and were filling all orders
promptly. Hodges, Miller & Co. !"
said Mr.. Hunt, iran a bucket shop
here until July /, but they closed
out then on account Of the law. They
had no interest in this business now,
although they line quotations from
here TO their offices at Louisville,
Cincinnati, st. Louis and elewhere.
We do not deal in less than twenty
shares Of stock, or 1000 bushels OF
grain. Our grain orders are filed by
Lamson Bros, on the board. Our
stock orders we fill at Cincinnati"
"On the Cincinnati Stock Ex-
changer
"0h, no. In a bucket shop there.
"But suppose somebody complains
you do not intend TO deliver stuff,
and do not actually buy it Of anybody
able 10 deliverT
Mr.. Hunt smiled. IF anybody
buys stock Of US and wants il Vii
get it. We always have some on
hand. We are long OF wheat at this
moment, and have just sold 10000
bushels on the Board Of Trade. We
are doing a straight business, and are
willing to be looked into"
Hunt Il Co. use contracts like
those found in Winchester Il Co.'S
| Office In the Sherman House. The
customer fills out blank bearing the
words: Buy Tor SELL for my &C.
count and risk, etc., aud receives q
memorandum showing amount oi
stuff bought, the price, and the mar
gin deposited. theoretically, there
is no trading on quotations, butt rac
tically there is no difficulty about
this. III q fellow, when wheat il
quoted at Ito, wants 1000 bushels n
that figure he gets it. II he puts NJ
10 per bushel and the price drops 4
sole, his trade is promptly closed
out.
The reporter also dropped into
the United States National Bsok Il
learn something about Wiley, Straw
bridge K Co., whom the Sherman
House firm Of Winchester d Co
named as It's representative on tn,
Open Board. Cashier Starbuck sal,
that he knew the members Of tn,
firm, aud believed they were doinI
what they claimed to be doing-a lie
Ultimate commission business. TIL,
firm kept its account at the Unites
States National Bank. Mr.. Star
buck said he knew some OF the peo
pie connected with Winchester 4
Co., but never h d seen any Mr.
Winchester aud didn't know who h,
was.
Some people think and say tina
the man who backed the "Imperia
Grain and Stock Exchange" one O
the biggest bucket shops that eve
absorbed margins IL Chicago, Is tn,
man behind Winchester Il Co. III,
is we'll known in nearly all circles OF
Change, and his name is George W
Wigs. Mr.. Wigs was asked hi
opinion OF Winchester & Co. s busi
ness, being also told how rumor con
nccted his name with il. II dom
know anything about Winchester
Co." he replied, "but l do know
that II they send any orders /,
Wiley, Strawbridge 4 Co. those or
dcrs will be filed. | know they can
be sending many orders, for Harr!
told me q day or two ago that bust
ness was dull. lie said he had onl.
made eight trades that day. Sine,
the law took effect they had cut dow
their correspondents from over sew
enty five 10 about half a dozen. Il
isn't safe for them TO bucket an!
trades now, so they wan
only such correspondents a
hey Ifeel are perfectly safe.
This talk about bucket. shopping il
tho city now is all rot. / know abou
as much asAnybody about the bucket
shop business, and | tell you i don
believe there's bit Of IL done her
today. The boys won't take the risk
and besides they don't want 10. The
would rather do q commission bust
ness. II Is safer and pays better
What tomfool stories the paper
print about the profits OF the bust
ness. Now, I'll bet 10000 to IS tina
not shop made a dollar In Chicag
within q year. The three bigges
ones came out from 800, 900 to 800,
600 behind. That l know to be
fact. Not q bucket.shop made mono
when wheat broke, or when stock
broke. The sudden slump wiped GU
few 20 and Be margins, but the fel
lows on the right side Of the mar
kct made twenty point profit whethc
they wanted 10 or not-the thin
came so sudden. The st ory that tn
shops were making money wa
started by the fellows who wanted :
stir up people against them. WIZ
the boys were too poor 10 fight Oh
law, and didn't attempt il. Do 20
suppose they would have let the Ia,
10 through without a fight il thei
business had been so profitable O
the newspapers say il was2'